List of Protocols That Control the Capital in Crypto

Unsurprisingly, stablecoin issuers dominate the chart, controlling the largest share of locked capital in the crypto ecosystem:

Tether (USDT) alone holds $151.2 billion, accounting for a staggering 43.8% of total TVL. Circle (USDC) follows with $58.3 billion, or 16.9% of the total.

Together, these two players alone represent over 60% of the capital in crypto, reflecting stablecoins’ central role in DeFi, trading, and cross-border settlement.

Lending and Liquid Staking Gain Ground

Aave, the leading DeFi lending protocol, controls $36.5 billion (10.6%), solidifying its dominance in the lending vertical. Lido Finance, the top player in liquid staking, holds $23.2 billion, or 6.7% of the total.

These protocols show that capital is also heavily concentrated in credit markets and staking infrastructure, which are key to DeFi functionality.

DEXs and Other Protocols Round Out the Space

Decentralized exchanges (DEXs) like Uniswap, Curve, and others represent a smaller but essential portion of the ecosystem. Additional categories, such as derivatives, bridges, and asset management tools, make up the “Other” category, indicating a more fragmented landscape in emerging areas.

Capital in crypto is far from evenly distributed. The top stablecoin issuers and core DeFi protocols currently control the majority of liquidity, underscoring their systemic importance — and the risk that comes with centralization.

As the crypto economy grows, so will the battle for capital dominance.

The post List of Protocols That Control the Capital in Crypto appeared first on Coindoo.